Punjab to explore growth avenues in automobile sector

Akash Ghai

Tribune News Service

Mohali, December 2 

Punjab is all set to explore further growth avenues in the automobile sector during the Progressive Punjab Investors Summit-2019, kicking off at the Indian School of Business here on December 5. 

According to a senior official of the Punjab Government, the two-day summit will see key delegates from a number of big players in the sector. “The delegates from Volvo Group, Virgin Hyperloop One, Mahindra Electric and Hero Electric, SML Isuzu, Hella India Lighting Ltd and other experts in the field will discuss the needs of the ecosystem required to boost growth in this sector. The session will outline the opportunities that prevail in Punjab to be well placed in the global value chain and new technologies that need to be harnessed,” the official said.

He said the focus of the state government would be on new mobility and building a holistic electric vehicle ecosystem.

He said the state, which manufactured 75 per cent of the bicycles and 92 per cent of the bicycle components of India, was already well placed as an auto and auto ancillary manufacturing destination with leading players present here. “Besides, the state is also a hub for secondary steel manufacturing in the country, which provides a strong base for automobile manufacturing here. Punjab also witness manufacturing of various auto components, including engine parts, steering parts, braking components, gear lever, etc,” the official said.